5 Reasons To Review Your Company Vision
A good vision helps a business move forward. It's a written document of hopes and dreams. It's the main reason the founders started the company. It represents the future of the business.
It serves as the compass of the company.
Usually, most founders would struggle in defining their vision. Most of them just took the courage to start even if their business direction is still vague. As the company evolves, it's good practice to review the vision.
This is to make sure that the company is still aligned with the original vision. The review is an assessment of the business direction. Having it yearly is advisable. However, it's also important to find the time to assess the effectiveness of your vision as circumstances arise.
1. When you want to define a better vision
If your business started with a temporary vision, then you need to update it. If you already found a good market niche then it’s time to make a revision. Use your actual experience in making your vision more realistic. Revise it considering the strengths of your company. Make a vision that can withstand your company’s evolution.
Your revised vision should match your organisation’s success measures, values, and purpose. Make it long enough to clearly describe the vision. But, not too long and difficult to recall. Make it clear, concise and easy to remember.
2. When there is a major shift in technology
A major technology shift could affect a business. If your vision is technology-dependent, then consider doing a revision. Define your desirable business achievements without specifying how to achieve it. Make it long term and future-oriented.
Avoid using concrete words, but define your vision more on a higher-level of abstraction. For example, don’t say “to build apartments.” Instead, you can say “to create comfortable living spaces.” Abstraction provides flexibility to your vision.
Remember that your vision affects the organisation’s decision-making, values, and purpose. Make changes only when necessary. Frequent revisions might create confusions.
3. When the company is ready to scale up
When your business is already established, it’s also a good time to evaluate your vision. Before scaling up, check your company vision first.
Check if the vision is in alignment with your scale-up plan. Aim for a minimal vision change. If not possible, then reconstruct your vision statement. For example, some companies started selling their own products. When they scaled up, they broaden their vision to include providing solutions.
After the revision, communicate the changes to the whole organisation. Differentiate the new vision from the old one. Discuss the vision alignment to the mission, values, and purpose of the organisation.
4. When you enter into a merger
There is also a possibility that you will enter into a merger. The first challenge is how to unite your people. You must operate as one organisation with one vision.
Define a new direction for the company. You may decide to combine the existing visions. Or, you can define a new one. The goal is to have one vision to convey the future of the merger.
Your new vision should be bigger than the individual company visions. The merger has given you the power to dream bigger. This is important because sometimes, a merger would create anxiety in the organisation. The new vision is a way of conveying a positive change.
5. When you are on the verge of giving up
The best time to review your vision is when you are facing a hard time. Your vision will remind you why you started the business.
Read it several times.
Your original vision might give you the hope you need. Try to ignite that fire inside you when you started. You need to have that same passion to continue. Recall your struggles and your achievements. Accept that your business is on a hump. Believe that it will pass.
Your vision is not just a piece of written document. It is not something that you display in your lobby. It defines your company and its direction. Review it regularly and frequently. When the challenges are overwhelming, take the time to read your vision.
Your vision should inspire you.
It should motivate your organisation to act. It is your guiding path. It defines your aspiration, it captures your dreams and embodies your hope. It is the uniting force of your people.
Your vision makes you dream bigger.
Revise your vision to make it more challenging. Your vision must be bigger than you. It is meant to challenge and bring out the best from your people. It propels your organisation to aim higher. It is the driving power to a more promising future.
Take time to pause and revisit your vision.
Remember your dreams and your hopes. Your vision is your affirmation in times of victories. And, your inspiration in times of adversities.